HIGH vs. PAPI

Last updated Jun 24, 2026

HIGH (Simplify Enhanced Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HIGH returned -1.43% vs 12.01% for PAPI. At a 0.19 correlation, their price movements are largely independent. HIGH charges 0.51%/yr vs 0.29%/yr for PAPI.

Performance

HIGH vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Enhanced Income ETF (HIGH) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIGH achieves a -0.79% return, which is significantly lower than PAPI's 6.57% return.

HIGH

• 1D: -0.82%
• 1M: 0.09%
• YTD: -0.79%
• 6M: -1.67%
• 1Y: -1.43%
• 3Y*: 2.72%
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HIGH vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HIGH Simplify Enhanced Income ETF	-0.79%	4.35%	1.52%	0.93%
PAPI Parametric Equity Premium Income ETF	6.57%	6.33%	8.90%	4.53%

Correlation

The correlation between HIGH and PAPI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.19

Return for Risk

HIGH vs. PAPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIGH

HIGH Risk / Return Rank: 7
HIGH Sharpe Ratio Rank: 7
HIGH Sortino Ratio Rank: 6
HIGH Omega Ratio Rank: 6
HIGH Calmar Ratio Rank: 7
HIGH Martin Ratio Rank: 8

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HIGH vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and Parametric Equity Premium Income ETF (PAPI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HIGH	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.15	-1.31
Sortino ratio: Return per unit of downside risk	-0.17	1.74	-1.91
Omega ratio: Gain probability vs. loss probability	0.98	1.20	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.15	1.76	-1.91
Martin ratio: Return relative to average drawdown	-0.21	4.42	-4.64

HIGH vs. PAPI - Sharpe Ratio Comparison

The current HIGH Sharpe Ratio is -0.16, which is lower than the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of HIGH and PAPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HIGH vs. PAPI - Drawdown Comparison

The maximum HIGH drawdown since its inception was -9.50%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for HIGH and PAPI.

Drawdown Indicators

	HIGH	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-9.50%	-14.27%	+4.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-6.86%	-2.64%
Max Drawdown (3Y) Largest decline over 3 years	-9.50%	—	—
Current Drawdown Current decline from peak	-7.50%	-4.37%	-3.13%
Average Drawdown Average peak-to-trough decline	-2.44%	-2.77%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.73%	2.72%	+4.01%

Volatility

HIGH vs. PAPI - Volatility Comparison

The current volatility for Simplify Enhanced Income ETF (HIGH) is 1.91%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 2.68%. This indicates that HIGH experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIGH	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	2.68%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	3.81%	7.05%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	10.55%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.53%	11.73%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.53%	11.73%	-2.20%

HIGH vs. PAPI - Expense Ratio Comparison

HIGH has a 0.51% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

HIGH vs. PAPI - Dividend Comparison

HIGH's dividend yield for the trailing twelve months is around 7.36%, less than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023	2022
HIGH Simplify Enhanced Income ETF	7.36%	7.71%	8.34%	9.40%	0.62%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%	0.00%

Frequently Asked Questions

Can I hold both HIGH and PAPI in my portfolio?

HIGH and PAPI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIGH or PAPI?

PAPI has higher volatility (2.68%) compared to HIGH (1.91%). In terms of maximum drawdown, HIGH dropped -9.50% vs PAPI's -14.27%.

Which ETF is better, HIGH or PAPI?

On 1-year performance, PAPI leads with 12.01% vs -1.43% for HIGH. On fees, PAPI is cheaper at 0.29% per year. On volatility, HIGH has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIGH or PAPI?

Over the 1-year period, PAPI has performed better with a 12.01% return vs -1.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIGH or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.51% for HIGH.

Which ETF pays a higher dividend yield, HIGH or PAPI?

PAPI has the higher dividend yield at 7.56%, compared with 7.36% for HIGH.

What is the main difference between HIGH and PAPI?

They also come from different issuers: Simplify and Morgan Stanley. Their fees differ too: 0.51% for HIGH and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.15 vs -0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.